Switzerland

Lists Cotecna Iran Branch in Tehran, Iran on its company website. 

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Cotecna works in Iran through a representative known as Kavyan Consultancy Co. (Kavyan Consultancy Website, "Homepage")

Lists Precision Drilling (Dorood) Kish PJSC and Saddr Oilfield Services Kish on its 2017 SEC filings as a Weatherford International Ltd subsidiary and/or affiliate.

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"The United States on Tuesday announced one of the biggest settlements ever made for corporate misbehavior overseas, chronicling a litany of charges against a leading energy services provider. The charges included bribery and kickbacks in the Middle East and Africa and systematic defiance of economic sanctions on Iran and three other countries…The Securities and Exchange Commission said the company that settled, Weatherford International Ltd., a Swiss provider of oil and gas services that operates in more than 100 countries, had agreed to pay more than $250 million to resolve charges that it violated the Foreign Corrupt Practices Act and other laws from 2002 to 2011. The settlement included $91 million in fines and penalties related to illicit dealings with Cuba, Iran, Sudan and Syria that violated a range of American sanctions on those countries from 2003 to 2007. The Treasury Department, in its own announcement, said the settlement was the largest for sanctions violations outside the banking industry. A number of federal agencies, including the S.E.C., the Treasury, and the Justice and Commerce Departments, collaborated on the investigation into Weatherford’s behavior, described in the Treasury announcement as 'egregious actions which compromised U.S. sanctions.' Weatherford, which had acknowledged that it was under investigation and that it was cooperating, said in a statement from its global headquarters in Geneva that it had set aside the money for the settlement and wanted to move on. 'This matter is now behind us,' Bernard J. Duroc-Danner, the company’s chairman, president and chief executive, said in the statement. 'With the internal policies and controls currently in place, we maintain a best-in-class compliance program and uphold the highest of ethical standards as we provide the industry’s leading products and services to our customers worldwide.' In papers filed in federal court in Houston, where Weatherford has significant operations, the S.E.C. said the company had authorized 'bribes and improper travel and entertainment for foreign officials in the Middle East and Africa to win business.' It said the misconduct also included kickbacks paid in Iraq to obtain contracts under the famously corrupt and now defunct United Nations oil-for-food program, which was established in the mid-1990s and ended in 2003 after the American-led invasion of Iraq. Weatherford’s bribery transgressions, according to the complaint, included the creation of a Middle East 'slush fund' to pay foreign officials; payments to Algerian officials for a World Cup tournament trip, a daughter’s honeymoon and a religious pilgrimage; and misappropriation of funds by managers in Italy for items like golf equipment and perfume. Weatherford employees also created false accounting and inventory records from 2002 to 2007 to hide 'illegal commercial sales to Cuba, Syria, Sudan and Iran,' the complaint said. Both the sales and the efforts to conceal them, it said, violated a range of export control laws and regulations concerning those countries. Treasury officials said the timing of the announcement was unrelated to the nuclear agreement, which was announced on Sunday in Geneva and gives Iran relief, for the first time in 10 years, from some of the sanctions imposed against it…'The real question is whether the Treasury Department will be permitted politically to enforce current sanctions for current illicit activity,' said Mark Wallace, the chief executive of United Against Nuclear Iran, a New York-based group that has pushed for stronger sanctions on Iran." (New York Times, "Firm Charged With Defying Sanctions Settles With U.S.," 11/27/13)

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"In July 2007, this Houston-based oil-drilling and oil field services company announced in a filing with the Securities and Exchange Commission that it had been notified that the Bureau of Industry and Security and Department of Justice were investigating allegations of improper sales of products and services in sanctioned countries. Weatherford subsequently announced plans to get out of Iran, as well as Sudan, Syria and Cuba. This license authorized the company to enter into dealings to make good on that promise. A similar license was issued enabling the company to withdraw from Sudan." (New York Times, "Licenses Granted to U.S. Companies Run the Gamut," 12/24/10)

"The European Union in July imposed unprecedented sanctions against Iran's energy and financial sectors. But despite the crackdown, some European companies continue to sign up for business deals in Iran that may be both directly and indirectly supporting Iran's nuclear-weapons development. Take the example of Ceresola TLS. According to a hard copy of the confirmation of a contract we have obtained, the Swiss firm recently signed an agreement worth over €1 billion with Rahab Engineering Establishment in Tehran. According to the contract, Ceresola has agreed to provide Rahab with tunneling technology to facilitate the construction of a metro line in Iran. But in the past, the regime in Tehran has used similar agreements to help hide its nuclear-weapons program. Although the confirmation order lists the deal as a project for a metro line, obtaining heavy earth-moving equipment and technology is also a top priority for Iran's nuclear program." (Wall Street Journal, "Iran's European Helpers," 9/29/2010)

Conducts business with U.S. banks: Bank of America NA, Citibank NA and Iranian banks ("Iran's Dirty Banking", Avi Jorisch)

"The Iranian delegation also met with officials of Hinduja Bank Ltd –a lender originally founded as a finance company in 1978 and became a Swiss-regulated bank in 1994. Officials of Hinduja Bank outlined the wide-reaching operations of the bank and its holding company in many countries, and announced that its online branch, which operates out of Germany, can offer services to Iran. " (October 2017)

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"Some European financial institutions are suspending almost all Iranian transactions because they fear losing access to U.S. financial markets, European banks and companies say. Geneva-based Hinduja Bank (Switzerland) Ltd., one of the last banks in Western Europe still handling Iran trades, told its clients last month it would stop issuing letters of credit for Tehran banks, citing new U.S. sanctions. 'The latest list of sanctioned entities announced [by the U.S. Treasury] includes the five private-sector banks in Iran with whom we have been working,' the bank said. 'The internal rules of Hinduja Bank preclude us from working with these Iranian banks. ' An official at Hinduja declined to comment." (Wall Street Journal, "EU Firms Join Debate Over U.S. Sanctions on Iran," 8/15/12)

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“A Swiss bank owned by India's Hinduja Group said this week it is continuing food trade finance with Iran despite the sanctions.” (Reuters, “Iran poised to start big feed grain imports,” 4/13/2012)

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"In Geneva, Hinduja Bank (Switzerland) Ltd., handles Iranian food transactions for Swiss companies. Achille Deodato, a manager for group and business control, said the bank remains involved 'with the authorization of Swiss authorities' in trade involving letters of credit and 'bulk agricultural commodities.'" (The Wall Street Journal, "Willing Banks Find Profits in Legal Trade With Iran," 4/8/2012) 

"Swiss lender Banque de Commerce et de Placements (BCP) has suspended new transactions with Iran and is winding down activities with the country after U.S. President Donald Trump’s pullout from the nuclear deal with Tehran, the bank said on Tuesday. “We have suspended any new transaction related to Iran after May 8, 2018 and started the ‘wind down period’ within the framework of OFAC announcement,” the bank said in a emailed statement to Reuters, referring to the U.S. Treasury’s sanctions enforcement arm." (May 29, 2018).

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Jan 2018 - Some banks such as Bank Muscat have returned to the Iranian market, but in Europe, only small privately ­owned institutions are handling banking transactions with Iran. These include DZ Bank (Germany), Erste Group Bank (Austria), Banque Wormser (France), BCP bank (Switzerland), and EIH Bank (Germany). Many of the banks have pre­existing links to Iran, such as a major shareholder or branches in the country.

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Iranian private lender, Bank Sina, has opened an account in Switzerland’s BCP, which allows Sina to transfer euro and Swiss franc. According to a press release released on Sina’s website on Saturday, the bank is also ready to issue letters of credit and receive finance from the Swiss lender. (Financial Tribune, "BCP-Sina Bank Tie-Up" 12/4/2016)

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Conducts business in Iran and with U.S banks. (Avi Jorisch, "Iran's dirty banking," 2010) 

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“The $4.2 billion in unfrozen oil revenue was the biggest single gain in a package of sanctions relief worth around $7 billion for Iran, according to U.S. officials. In exchange, Iran agreed to curtail some of the most dangerous elements of its nuclear program. Iran insists its pursuits are for purely peaceful purposes such as producing energy and medical research…On Feb. 3, the first payment of $550 million in unfrozen oil revenue was transferred from a Japanese bank to Banque de Commerce et de Placements, or BCP, in Switzerland. As of Wednesday, the funds hadn't been withdrawn. A BCP spokesman declined to comment. A spokeswoman for the Swiss Economic Affairs department, Marie Avet, confirmed the money had come to a Swiss bank. Switzerland, which hosted the talks that produced November's accord, had been asked to help facilitate the repatriation of funds, she said.” (Wall Street Jouranl, “Iran Can't Withdraw Much Oil Revenue Under Interim Nuclear Deal,” 4/6/14)

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“As part of talks in Geneva over the nuclear question, Tehran is pressing world powers to speed up trade finance arrangements on humanitarian deals involving both Western and Iranian banks, according to an Iranian government document seen by Reuters and sources familiar with the initiative. Iranian government officials and international trade sources say Tehran wants to simplify complex trade finance arrangements potentially worth billions of dollars, which would alleviate pressure on the country's sanctioned banking system…Iranian government officials said the document, which has been sent to Iran's Supreme National Security Council, tasked with safeguarding Tehran's interests, listed the following banks as ‘available for further actions’: Standard Chartered Bank (London), Societe Generale (Paris), Banque de Commerce et de Placements (BCP) (Geneva), UniCredit Bank (Munich), Commerzbank (Frankfurt), United Bank (Zurich) and BHF Bank (Frankfurt). It was not clear whether these banks had been approached to provide finance. Two business executives familiar with the initiative said they were aware that Standard Chartered, Societe Generale, Commerzbank were among those on the wish list. Commerzbank, Societe Generale, United Bank and BCP all declined to comment. A spokeswoman for Standard Chartered said the bank was not involved and would not get involved in any transaction with any party from Iran.” (Reuters, “Western banks cold-shoulder Iran trade finance scheme,” 3/13/14)

"Transocean Ltd., the world’s largest offshore oil driller, said it may have violated U.S. sanctions when goods bound for a company-owned rig in Turkmenistan traveled through Iran.

The equipment was shipped through Iran by a freight forwarder, Vernier, Switzerland-based Transocean said today in a filing with the U.S. Securities and Exchange Commission. The potential violation was detected by the company’s internal compliance program and was reported to the U.S. Treasury Department.

'Failure to comply with applicable laws and regulations relating to sanctions and export restrictions may subject us to criminal sanctions and civil remedies, including fines, denial of export privileges, injunctions or seizures of our assets,” Transocean said intoday’s filing.'

It’s against U.S. law to export U.S.-origin items to Iran, Transocean said in the regulatory filing."(Bloomberg, "Transocean Says It Shipped Goods Through Iran," 11/3/2010)

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Transocean is the world's largest offshore drilling contractor. It employs a workforce of 20,000 and specializes in deepwater drilling. Transocean is contracted by the world's largest energy companies, and managed BP's Deepwater Horizon platform at the time of the Gulf oil spill disaster (Company Website). 

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The New York Times reports that Transocean's SEC filings indicate that the company ships equipment through Iran, and additionally has ties to other sanctionable countries including Syria and Myanmar. 

Litasco had a 300 million euro oil export prefinance deal with Iran but pulled the plug on the revolving credit when the new set of sanctions were announced, a source with direct knowledge of the matter said. (June 29, 2018).

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"Open sources reported that Litasco (Lukoil's trading subsidiary) sold gasoline to Iran in 2009 and 2010. Open sources reported that Lukoil stopped selling gasoline to Iran 2010." (U.S. Government Accountability Office, Report: "Firms Reported in Open Sources to Have Sold Iran Refined Petroleum Products between January 1, 2009 and June 30, 2010," September 3, 2010)

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"Russian oil giant LUKOIL has resumed gasoline sales into Iran together with China's state-run firm Zhuhai Zhenrong, even as the United States urges the global community to be tough with Tehran.  Iran is the world's fifth-largest oil exporter but lacks adequate refining capacity to meet domestic demand for motor fuel, forcing it to import up to 40 percent of its requirements." (Reuters, "Russia's LUKOIL resumes gasoline supply to Iran-trade", 8/11/2010)

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The Wall Street Journal lists LITASCO SA as a company that sold gasoline to Iran in 2009. (The Wall Street Journal, "Black-Market Gasoline Shelters Iran," 6/17/2010)

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This revelation comes following an article in April, 2009, in which "Commodities Now" reported that "Russian oil company LUKoil’s trading arm LITASCO has decided to stop selling refined products to Iran, in what is widely understood to be a politically motivated move after pressure to do so from the Russian government."

Prior to this announcement, the company was reportedly "shipping between 250,000 and 500,000 barrels of gasoline (petrol) to Iran per month. (CommoditiesNow, "Lukoil Halts Fuel Trade with Iran," 4/9/2010).

"Zurich Insurance Group AG (ZURN) is among companies being questioned by New York’s insurance regulator in a widening probe into compliance with an Iran sanctions law, according to a person familiar with the matter. The state Department of Financial Services is asking insurers to explain their policies and procedures to avoid violations of the Iran Freedom and Counter-Proliferation Act of 2012, according to the person. The act took effect July 1. ‘The resulting sanctions could jeopardize the ability of any involved insurer to conduct business in the United States,’ the department said in a letter to the insurers obtained by Bloomberg News. ‘Recently, the Department learned that several companies have insured trades made with Iran.’ The regulator, led by Superintendent Benjamin Lawsky, contacted a group of insurers in June about compliance with the law. That group included Swiss Reinsurance Co. (SREN) and Lloyd’s of London. Besides Zurich, other companies contacted in the newest letter are American International Overseas Ltd., AXA Global Risks, and St. Paul Reinsurance Co. Ltd." (Bloomberg, "Zurich Among Insurers Said to Be Probed in Expanded N.Y. Inquiry," 7/24/13)

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Zurich Financial Services is an insurance-based financial services provider based in Switzerland, operating in over 170 countries (Company Website). 

Zurich Financial Services lists Iran in its Global Directory (Company Website), and is included in Business Monitor International's Iran Insurance Report (Business Monitor International, subscription required). 

Zurich Financial Services's corporate responsibility policy states that the company "proactively addresses social, environmental and governance issues of rightful concern to our stakeholders" (Company Website).

Duferco attended the Iranian Steel Pipe & Tube Conference (the “Conference”) in Tehran on May 24-25, 2016. (MetalBulletin Events, “Iranian Steel Pipe & Tube Conference”).

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Listed as an approved vendor in Iran by NIOEC, NPC and NIGC.

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The Duferco Group's Iranian Branch, Kemco AG (Company Website)

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"The list of about 1,000 Italian companies active in Iran includes such household names as Eni—the energy giant is Iran's biggest business partner in Europe according to the Italian-Iranian Chamber of Commerce—as well as Fiat, Ansaldo, Maire Tecnimont, Danieli and Duferco." (Wall Street Journal, "The Rome-Tehran Axis," January 2010)